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My Love Hate Relationship With Bank Of America

Reviewing: Bank Of America Checking And Savings Account  |  Rating:
rosehill By rosehill on
Badge: Author | Level: 3 | Finances Expertise:

I opened an account at Bank of America, because I received a promo letter in the mail from their credit card division offering me an incentive of $100 to open a checking and savings account. Sweet, I thought and so my tale of woe and glee begins.

It took 25 minutes on line to do the apps. I had a nice little chat with some BOA cyber employee, then the site crashed. I was upset, they had my SSN and I had nothing.

Frustrated already, I visited the nearest branch. Wait time to see a banker 20 minutes, result, they did not show me as being signed up in their computer and if I wanted that monetary incentive I would need to present the code given in the letter. The fact that I obviously had a credit card account with them and they knew about the promotion was not good enough.

Second trip to the bank, 30 minute wait - it was a Friday and they were overrun. This time it was all set up within about 15 minutes and I was looking forward to my $100.

Then I find out that I am being charged $5.95 monthly fee for my savings account that was supposed to be free. They changed their requirements, now it is free only if you maintain a certain balance.

Overall, I have come to the conclusion that BOA is a terrific bank, if you are a well to do customer. They have thousands of locations all over the country making it easy to do business with them, no matter where you live. That is a huge plus for someone like me who spends time on the road. Then there is the undeniable fact that they have a presence in Europe. I like that I can go to a Bank of America in Frankfurt, Germany and have access to my account and even do an account transaction if I need to.

Customer service at the branches is always good even if you have to wait on occasion. There is the occasional teller who obviously can't wait for closing time and even says so, but overall they are a friendly hard-working bunch.

They have some of the most knowledgeable bankers in the business. Which brings me to my next important point about BOA. They are all business and it shows. I am not really in the upper income class, so I cannot take advantage of their great products from CDs to mortgages and a whole line of investment products. Why, because unless you have at least $10, 000 you do not have access to most of their promotions and more important, the great rates that go with it.

Their save your change program is a good idea and I like their $25 referral for a new customer, better than a useless gift. I do love two of my neighborhood branches, because they are small enough, the tellers and the bankers know you and warmly welcome you back. As far as loans are concerned I noticed that my credit unions always offers a better deal on a car loan.

I was fortunate to receive excellent investment tips from one of their brilliant bankers, which I promptly applied at my credit union which offered a great rate even for a small time investor like me. Therefore, I concede I am simply not in the right income bracket to be a valuable customer for BOA - so decide for yourself if this is the right bank for you.